A High Court action is being brought against Nama after a receiver was appointed over lands in Clonmel, Co Tipperary.
The investors, who borrowed around 655 thousand euros from Anglo Irish Bank, say their right to redeem the mortgage has been frustrated and blocked by the move.
One of the four investors in the sites in The Island, Clonmel is Galway businessman Joseph Hynes from Gortmore, Rosscahill.
In an affidavit he told the court that the lands were bought in 1999 and 2001 with loans from Anglo Irish Bank amounting to 655 thousand euros.
Life policies of one million euros were assigned as security but when one of the investors died he was surprised when the pay out from Canada Life was closer to half that sum.
